Industry At A Glance: Public Attitudes On The Current Tax Code

April 15 marks the dreaded tax day. Accordingly, Investor’s Business Daily featured a survey regarding the general public’s perspective on the current tax code. The accompanying graph depicts some of those results.

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April 15 marks the dreaded tax day. Accordingly, Investor’s Business Dailyfeatured a survey regarding the general public’s perspective on the current tax code. The accompanying graph depicts some of those results.

Over half of those surveyed indicated some type of preference for a new tax system (flat tax or inclusion of a national sales tax) to increase the fairness of the current code for all Americans. Similarly, nearly 40% of respondents indicated they consider their personal tax as being “too high.”

None of that is surprising. However, it makes one wonder what the results might look like if those types of questions were asked of farmers and ranchers. That’s because the tax system looks very different for those filing a Schedule F, not to mention challenges around the inheritance tax.

So, what if you were asked about the “fairness” of the current tax code? How would you respond? Alternatively, what about your current tax payments – are they too high, too low, or just about right? If you believe the tax code needs to be changed, where would you start?

Discuss this Article 5

If I thought my taxes were being spent appropriately I would say they are about right. The current bloated, self-serving government is providing very little value for the money they take.

Adding a "value-added" or national sales tax without eliminating the current income tax would ultimately result in socailism. Many Europeans pay more than 70% of their income in taxes and expect the government to provide everything.

A truly "fair" tax is some type of consumption (sales) tax; the ones that can spend the most should pay the most. It also encourages investment versus consumption, whereas the current system discourages investment. The IRS could then return to the role of the old "revenuers", policing black markets and other cheats, instead of burdening honest taxpayers with unproductive .bookkeeping